05 March 2012 02:27 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Chongqing Jianfeng Chemicals said on Monday it plans to set up a wholly owned subsidiary in the British Cayman Islands to carry out mining works as well as the sale of chemical products.
The registered capital of the subsidiary will be $2m (€1.5m), according to the company’s statement to the Shenzhen Stock Exchange.
Chongqing Jianfeng Chemical posted on 2 March a 31.3% year-on-year decline in its 2011 net profit mainly because of a prolonged shutdown at the firm’s No 2 fertilizer facility.
The company, which is based at Fuling district in Chongqing municipality, is a key fertilizer producer in China.
($1 = €0.76)
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